EARNINGS WATCH-

Oriental Weavers reported EGP 290 mn in attributable net income in 2Q 2023, up 37% y-o-y, according to the company’s earnings release (pdf). The company’s revenues rose 31% y-o-y to EGP 4.3 bn during the quarter. Net income in 1H 2023 climbed 56% y-o-y to EGP 700 mn, with revenues rising 29% y-o-y to EGP 8.4 bn.

Sidi Kerir Petrochemicals’ net income after tax rose 210% y-o-y to EGP 678.2 mn in 2Q 2023, according to the company’s financial statements ( pdf ). Revenues for the quarter were up 67% y-o-y to EGP 2.9 bn. The company’s bottomline rose 74% y-o-y EGP 1.2 bn in 1H 2023, while revenues came in at EGP 6.5 bn, up 69% y-o-y.

MARKET ROUNDUP-

The EGX30 rose 0.4% at today’s close on turnover of EGP 2.35 bn (17.1% above the 90-day average). Foreign investors were net sellers. The index is up 23.0% YTD.

In the green: Sidpec (+4.1%), Credit Agricole (+3.7%) and Orascom Development (+2.9%).

In the red: Ezz Steel (-3.7%), Heliopolis Housing (-2.1%) and Beltone Financial Holding (-1.6%).

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